Investors shrug off Freeport-McMoRan’s doubling of profits
Freeport-McMoRan reported a doubling of profits at $1.4 billion in the second quarter, but the blow-out results did not satisfy investors who shaved more than 1.5% off the stock amid record gold prices and a positive day on the markets.
The company said labour action at its Grasberg mine – the globe's largest copper-gold mine – hurt output. During the eight-day strike in July, the company lost about 35 million pounds of copper production and 60 thousand ounces of gold production which could hurt its next set of results.